For starters, this definitely opens the door for a new chief, but could that re-replacement be Les Moonves via a re-merger between his CBS and (kind of no one’s, right now) Viacom? Well, that depends on who you ask.

“The best and only investment case is that National Amusements decides to either combine CBS and Viacom or looks to merge it into another company (most likely a Liberty-backed one),” MoffettNathanson wrote today, following the news. “That action creates massive cost synergies and a real chance at changing the direction of the assets. Absent that, the fundamentals will continue to be worrying. Given that this is a controlled company, investors have little leverage to push for Option B.”

“A merged Viacom/CBS actually looks more similar to their peers — meaning a broadcast juggernaut, combined with at least one strong cable network and a host of other less powerful cable networks,” BTIG wrote in a blog post a day before Dooley’s departure broke. “And remember, this is as it stands today, versus what would happen to Viacom if it were run by a creative leader such as Les Moonves whom talent loves (whereas talent despised Dauman).”

“We have heard investors say if Viacom and CBS merge, it will just lead to CBS getting paid less, with economic value just shifting to Viacom channels from CBS — implying that a merger is a horrible idea for CBS shareholders,” the Tuesday analysis continued. “Yet, CBS’s peers are able to drive similarly robust broadcast TV retrans, while also driving distribution and rate for many lesser networks.”

“Viacom needs the ‘shield’ of CBS to protect its distribution, maximize the growth of its license fees, while CBS should want Viacom to enable it to utilize the power of its sports and entertainment franchises to create value above and beyond its existing broadcast assets,” Greenfield’s group concluded.

Before you call it a done deal, this opinion isn’t unanimous, however. Marci Ryvicker of Wells Fargo is a dissenting voice that doesn’t think Moonves — or CBS — is the answer.

“We do NOT THINK Dooley’s departure means a CBS combo is imminent (as suggested in many press articles; neither company has commented),” Ryvicker wrote in her own email newsletter, caps and all. “We’ve been asked if Dooley was ”pushed out’ to make room for CBS CEO Les Moonves. We do NOT think this is the case. We think Les has been pretty clear that CBS is in a great position as-is. We also don’t think Les has any desire to get into something that could ruin his legacy.”

Of course, she’s not generally bull-ish on Viacom’s future anyway, concluding: “We just don’t see how any exec can come in and turn this company around in the next 12 months.”

Ouch. Ryvicker is wrong about one thing, however — Moonves has commented, kind of. Last week, the CBS boss said his company is “not in active discussions” to remerge with Viacom, which was spun off in 2005.

Both companies are still controlled by Sumner Redstone’s National Amusements, Inc., so only time — and the market — will tell.

Until then, VIAB investors will not only wait with bated breath, but they’ll do so with lighter pockets. Viacom cut its dividend in half on Wednesday, adjusted earnings forecasts down and squashed any notion of a Paramount Pictures sale.

Golden Parachutes: See How Much These 10 Execs Got Paid to Leave (Photos)

Philippe Dauman, Marissa Mayer and Michael Ovitz are among a handful of entertainment and tech executives who were handed handsome sums of money while they were being forced out the door. (Please note: All totals are from SEC filings and other official sources.)

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Name: Philippe DaumanCompany: ViacomPayday: $72 millionSumner Redstone's former protege -- and for years, one of America's highest-paid CEOs -- took home $72 million as part of a settlement that will see him depart the embattled media company in September.

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Name: Roger AilesCompany: Fox NewsPayday: $40 millionAiles left the news network he essentially built after a lawsuit filed by a former Fox News anchorwoman led to an investigation, and several other women coming forward accusing Ailes of sexual assault. Ailes resigned two weeks after the lawsuit was filed and received $40 million.

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Name: Michael OvitzCompany: The Walt Disney CompanyPayday: $140 millionNot a CEO, the co-founder of Creative Artists Agency made $140 million in less than a year's work as the executive president of Disney, when he was fired by then-CEO Michael Eisner, triggering a severance package that was built into his deal -- and which Disney shareholders unsuccessfully tried to have returned in court.

Name: Marissa MayerCompany: YahooPayday: $55 millionMayer hasn't yet committed to leaving, but she's widely expected to depart the top job after Yahoo agreed to be purchased by Verizon for $4.8 billion. Mayer is guaranteed $55 million in severance if she loses her job or if there is a change in control.

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Name: Henrique de CastroCompany: YahooPayday: $58 billionIt turns out there is actually a good time to get fired: Mayer canned de Castro, Yahoo's chief operating officer, in 2014, but his heavily stock-based severance package was worth a robust $58 million, as Yahoo's stock had swelled at the time due to its ownership interest in Chinese e-commerce giant Alibaba.

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Name: Tom FrestonCompany: ViacomPayday: $85 millionFreston, Dauman's precedessor and the man who essentially built MTV, was fired by Redstone in 2006. One of the biggest reasons: his failure to buy MySpace, which News Corp. eventually sold in 2011 for a $545 million loss.

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Name: Rob MarcusCompany: Time Warner CablePayday: $93 millionTime Warner Cable was acquired by Charter Communications earlier this year, making his CEO job redundant. Marcus walked away with nearly $100 million after two-and-a-half years of work.

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Name: Jack WelchCompany: General ElectricPayday: $417 millionGE's pugnacious boss scored the granddaddy of all severance packages, walking away with a monster deal that only became public during a divorce settlement that mandated the disclosure of his retirement benefits.

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Name: Amy PascalCompany: SonyPayday: Four-year production deal, valued at $40 millionPascal, whose personal emails were exposed as a result of the Sony hack landing her in hot water regarding references to President Obama -- was fired as co-chair of Sony's film division in the wake of the scandal. She got a production deal -- not uncommon for high-level studio execs -- that has her attached to some of the studio's biggest franchises, including "Spider-Man" and "Ghostbusters."

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Philippe Dauman is the second consecutive Viacom CEO to walk away with a monster severance package

Philippe Dauman, Marissa Mayer and Michael Ovitz are among a handful of entertainment and tech executives who were handed handsome sums of money while they were being forced out the door. (Please note: All totals are from SEC filings and other official sources.)